Oil Price Volatility Impacts ONGC Earnings ...Middle East

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Oil Price Volatility Impacts ONGC Earnings
source : OILPRICE ( Middle East ) () 64
India’s ONGC, the biggest oil and gas company in the country, reported a 35% drop in profits for the fourth-quarter of its financial year, citing higher exploration costs. Profits for the full year to March 2025 also fell but more modestly, by 15%. The company attributed the lower results to exploratory oil well drilling cost writeoffs. The average realized price for the oil it sold during the fourth quarter was $73.72 per barrel, which was down by 9% from a year earlier, the Economic Times reported. ONGC accounts for as much as 70% of India’s…

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